MAYNARD, Mass., May 02, 2018 (GLOBE NEWSWIRE) -- Acacia Communications, Inc. (NASDAQ:ACIA), a leading provider of high-speed coherent optical interconnect products, today announced that its Board of Directors has authorized the repurchase of up to $60 million of the company’s common stock from time to time on the open market or in privately negotiated transactions through December 31, 2018.
“This repurchase program demonstrates the Board’s confidence in our future and our commitment to delivering value to our stakeholders,” stated Raj Shanmugaraj, President and Chief Executive Officer of Acacia Communications. “At current price levels, we believe Acacia’s stock represents an investment opportunity for the Company. Our strong balance sheet enables us to initiate this stock repurchase program while continuing to fund both internal and external opportunities that we believe are key to our future success.”
The timing and amount of any shares repurchased will be determined by the company’s management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes.
The repurchase program will be funded using the company’s working capital. As of December 31, 2017, the company had cash, cash equivalents and marketable securities of approximately $365 million.
Acacia Communications had 40,052,395 shares of common stock outstanding as of March 21, 2018.
About Acacia Communications
Acacia Communications develops, manufactures and sells high-speed coherent optical interconnect products that are designed to transform communications networks through improvements in performance, capacity and cost. By leveraging silicon technology to build optical interconnects, a process Acacia Communications refers to as the “siliconization of optical interconnect,” Acacia Communications is able to offer products at higher speeds and density with lower power consumption, that meet the needs of cloud and service providers and can be easily integrated in a cost-effective manner with existing network equipment. www.acacia-inc.com.
Forward Looking Statements
This press release includes statements concerning Acacia Communication’s intention to repurchase shares of its common stock from time to time under the stock repurchase program, the intended use of any repurchased shares and the source of funding. These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, the market price of the company’s stock prevailing from time to time, the nature of other investment opportunities presented to the company from time to time, the company’s cash flows from operations, general economic conditions, and other risks set forth under the caption “Risk Factors” in the company’s public reports filed with the SEC, including the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and in other filings that the company may make with the SEC in the future. Acacia Communications assumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
For further information:
Investor Relations Contact:
Office: (212) 871-3927
Office: (212) 331-8417
Public Relations Contact:
Office: (781) 966-4158
Acacia Communications, Inc.